Bronx Office Tower Leased to Montefiore Medical Center Gets $85M Refi
By Andrew Coen October 1, 2024 11:21 am
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Simone Development Companies has inked an $85 million loan to refinance its 11-story medical office tower in the Bronx fully leased to Montefiore Medical Center, Commercial Observer has learned.
Union Labor Life Insurance Company (ULLICO) was the lead agent on the fixed-rate loan for the Montefiore Tower Two building in the Hutchinson Metro Center campus, according to Cooper Horowitz, which brokered the deal.
Washington Capital Management also participated in the deal, which retired previous commercial mortgage-backed securities debt on the property.
ULLICO’s Kevin Smith and Herbert Kolben represented the lender in the deal. Mark Rubin, chief financial officer of Simone Development, led the deal on behalf of the borrower.
Cooper Horowitz’s Richard Horowitz and Justin Horowitz arranged the transaction.
Richard Horowitz said the deal provided a “great opportunity to work with Simone Development” as part of a longstanding relationship that dates back more than 30 years.
Located at 1250 Waters Place, Montefiore Tower Two consists of a 280,000-square-foot “bedless hospital” with 12 operating rooms and four procedure rooms, according to Montefiore Medical Center. The building also includes an imaging center, laboratory services and pharmacy.
The building is in the same complex as Montefiore Tower One, which ULLICO provided a $77 million refinance loan for in 2022.
Representatives at Simone Development and ULLICO did not immediately return requests for comment.
Andrew Coen can be reached at acoen@commercialobserver.com.
